I just use a cheap Madcatz wheel that sits on my knee. Not everybodys cup oftea but it suits me at only £40 if it breaks. I can recommend the Turtle Beach X12 stereo headphones at £35.00 from Argos. These are wired, as the wireless are more than double. Just one wire running across the floor. They have separate game/chat volumes and adjustable bass. With the mic near your mouth, you can hear your own voice, saves guessing how loud you are talking. There is also a surround add on that plugs inline. Dunno the price though

Turtle beach's are the nuts man, i've got the x11's and they're bloody awesome. As for the wheel, i cant help ya mate, i have one but dont use it as it has no force feedback or anything, i would like to get one though